With the advent of electronic monetary transactions in the field of financial transaction processing, different financial and/or business institutions are inclined to provide lucrative financial offerings to their consumers today. Such advancements have contributed to the increasingly popular use of virtual currency instruments by consumers. The virtual currency instruments may facilitate the usage of virtual currency, which may be a digital representation of a value that may be digitally traded. The virtual currency may be unregulated digital money that may function as a medium of exchange, a unit of account and/or a store of value for a monetary transaction. Examples of virtual currencies instruments may include, but are not limited to, air miles, loyalty points, credit card points, physical coupons, app-based coins and tokens, mobile coupons and time and personal data exchanged for digital content. The widespread application and use of the virtual currencies instruments has created a thriving market at a magnitude far higher than initially projected.
Typically, in order to settle a financial transaction for a specific financial account, the consumer is required to use a virtual currency instrument, such as a gift card, which corresponds to a specific financial account. For example, the consumer is required to use an iTunes™ gift card to purchase items that correspond to a financial account, such as the iTunes™ music store. The consumer cannot redeem another gift card of another financial account, to purchase items of the financial account, such as the iTunes™ music store. Also, the balance amount in the virtual currency instrument should be greater than the value of a redemption request to purchase a specific item. Thus, it may be cumbersome for the consumer to always carry all the virtual currency instruments that correspond to all the financial accounts with sufficient balance amount before completion of an electronic monetary transaction.
In certain scenarios, different financial accounts may be managed by different merchant payment systems, via different payment networks. Thus, the consumer may be required to be aware of the terms of use of all virtual currency instruments and financial accounts before use of such virtual currency instruments in electronic monetary transactions. It may be desirable by the consumer to control all such monetary transactions for financial accounts from different financial institutions in a uniform and hassle-free manner, so that the consumers' purchase is not limited based on a type and balance amount of a specific virtual currency instrument.
Further limitations and disadvantages of conventional and traditional approaches will become apparent to one of skill in the art, through comparison of described systems with some aspects of the present disclosure, as set forth in the remainder of the present application and with reference to the drawings.